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Your question is a bit confusing.
There are a couple possible scenarios, and a couple of possible answers.
If you rent a parking space, and the vehicle is repossessed, then no. The lenderis not responsible for the debt you encurred.
If the vehicle has been impounded, and has remained in storage long enough to have accrued storage fees, then the bank must pay those fees before they can recover the vehicle. However, those fees will be transferred to you, the contracted borrower and the person who allowed the vehicle to be impounded.
If the vehicle is being held on a mechanic's lien, the same situation. The bank will pay the lien and transfer that cost to you.
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∙ 14y ago
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If a repossession stays on your credit report seven years does that start from the date of the repo or the date of the final sale?
It stays on your credit report 7 years from the date of settlement not the date of repossession.
How do you find the date the car was repoed?
By calling the original loan facility that was associated with the vehicle is one way to locate the repossession date. You can request that the original document of repossession be sent to you by way of fax or US mail (if you feel there is discrepancy). *Note* The time of default does not deem the time of repossession. Be sure to ask specifically for the actual repossession date and unfortunately you may have to clarify that you are not seeking the default date.
Do you receive notification before auto repossession?
You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
Who was the only money in the bank winner to announce his contract cash-in date weeks prior to his championship match?
Rob Van Dam
Who was the only money in the bank winner to announce his contract cash in date weeks prior to his championship match?
Rob Van Dam
Can a bank choose to close a CD prior to maturity due to risk associated with the deposit?
No. Actually speaking, there are no risks associated with a deposit from the bank side. They already have the money. The only person who should worry about the risk associated with the deposit is the customer who has placed the deposit and he/she can choose to close a CD anytime they want even before the maturity date. Only the customer who opened the CD (not even the bank) can close a CD prior to the maturity date.
Does husband have to join bank account with wife?
No, a husband does not have to have a joint account with a wife. but depending on whether they are residing in a community property state, he may still be liable for anything she signed or is a signor for after the date of marriage.
How long does a repossession in Mississippi stay on your credit report?
By federal law, 7 years from the date of repossession or sale or last payment. The state is irrelevant.
Can a credit union in Texas repo an automobile prior to a date stated in 2 formal letters and signed by the bank manager?
READ your CONTRACT. You can be repoed whenever you are in DEFAULT.
If you voluntarily turn in your car will it effect your credit?
YES! When you finance a car loan, you are NOT buying a car. You are BORROWING MONEY "secured" by an automobile. If anything happens to that vehicle, wreck, getting stolen or repossession (whether voluntary or involuntary); You are still liable for the amount of money you financed. This is why banks and other auto financers make you keep the vehicle insured during the term of the loan. The financer may auction the car for a portion of the remaining balance. If that is done, you are still liable the deficiency balance (whatever is leftover of the original loan). It will show as a "charge off, repossession" on your credit for seven years from the date of last activity.
What is the meaning of prior to this date?
It means before the date given
How long does a voluntary repossession stay on your credit report?
For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.
